Fozia Azam

The Central Directorate of National Savings (CDNS) has attained the target of issuing Rs730 billion fresh bonds in the first six months (July-December) of the current fiscal year (2022-23). The CDNS has set a reviewed saving target of Rs1.3 trillion for the current financial year to promote the savings culture in the country, according to information available with WealthPK. In view of the current market trend in Pakistan, the ambitious target was set to further improve the savings culture.

The CDNS also surpassed its annual target in the previous fiscal year (2021-22) and set a historic record of Rs1.25 trillion in savings till June 30, 2022. The CDNS set an annual gross receipt target of Rs980 billion from July 01 to June 30 in the previous fiscal year. It set Rs250 billion annual collection target from July 01 to June 30 for the year 2020-2021 compared to Rs352 billion during the corresponding period for the previous fiscal year (2019-20). It set Rs352 billion annual collection target for 2019-20 compared to Rs350 billion for 2018-19.

The CDNS has reviewed and set a target of Rs60 billion in the fiscal year 2022-23 for Islamic investment to introduce new products in the market. In the current financial year, the CDNS is confident to achieve the investment target of Rs60 billion. The CDNS entered the Islamic finance market in August 2022. The National Savings is working on Islamic Shariah bonds and certificates to provide opportunities to their customers in Islamic finance.

Credit : Independent News Pakistan-WealthPk